News Tags

Related Keywords: dutry structure, increase TUF, MMF textile market, relaxation in cabotage laow, Streesed on rationalizing MMF, tap solar opportunity, Texpreneurs Forum, total dispensation of hank yarn obligation

Texpreneurs Forum,, Secretary D Prabhu stressed the need for rationalizing the MMF (man made fibre) duty structure, total dispensation of hank yarn obligation rule, relaxation in Cabotage law, encouraging spinning mills to tap the solar opportunity and increasing TUF (Technology Upgradation Fund) allocation among others.

With a “little bit of hand-holding and interventions on the part of the government can reignite the investment sentiments and propel growth momentum to a different level.

Related Keywords: cover scheme to spinning mills sector too, extension of interest subvention scheme, foreign trade policy, meeting with Union Minister, registering loss, spinning sector facing tough period, Texpreneurs Forum, with the Ebitda

Members of the Texpreneurs Forum on Wednesday held a meeting with the Union Ministers, and officials seeking extension of the interest subvention scheme to entire textile sector.

Prabhu Damodaran, secretary of the Forum, who led the delegation briefed the Ministers and officials about the need to give the coverage of the scheme to spinning mills sector too,

Related Keywords: bill of entry, costly affair, denial of permission for third party exports, ensure facility be made available, export performance, for duty free import of machinery, need for upgrading, representation to Union Ministry of Commerce, setup over, Texpreneurs Forum, textile entrepreneurs, under EPCG scheme

Textile entrepreneurs are setup over the denial of permission for ‘third party exports’ for satisfying the export obligations under Export Promotion Capital Goods (EPCG) Scheme in various cases. In this concern, Texpreneurs Forum has made a representation to the Union Ministry of Commerce to ensure that the facility be made available to all for duty-free import of machinery considering the need for upgrading machinery which were costly affair.

Just because some violations occurred it is not wise to impose any denial or temporary ban on the incentives itself.

Related Keywords: appoint external agency, duty structure, Financial Minstry, fluctuation in cotton prices, Inventory policy of China, MMF cluster, Texpreneurs Forum, Textile Industry, TUF

Texpreneurs Forum is planning to submit a report on the financial stress faced by the textile industry in the last 2-3 year to the Finance Ministry for that they are in the process of appointing an external agency to conduct a study of the textile industry.

D Prabhu, Secretary, Texpreneurs Forum said that this is consequent to their meeting with the powers that be at the Centre and the recommendations made by the Textile Ministry to the Department of Financial Services under the Union Finance Ministry for lowering the interest on working capital loan for purchase of cotton.

Related Keywords: bilateral trade, garment export, government assistance, Make in India, move value chain, Tamil Nadu textile industry, Texpreneurs Forum, textile goods export

Tamil Nadu textile industry has lot of potential and is looking for government’s assistance to move up in the value chain. Their share of yarn exports was nearly 60 percent. The industry in the State accounts for exports of textile goods worth ₹75,000 crore a year. The value-added garments’ export was worth ₹30,000 crore. Keeping this in view the Centre in this regard needs to take necessary steps.

Related Keywords: cotton, cut in excise duty, cut in import duty structure, differential taxation, global demand for fibre, Indian textile industry, lop sided fibre, MMF, rising energy cost, synthetic fibre, Texpreneurs Forum

The Indian textile industry is facing hurdle on account of differential taxation, rising energy cost, lop-sided fibre and trade policy. And this is at a time when the global demand for fibre – both cotton and MMF (man-made fibre) is on the rise.

Stakeholders have sought a cut in the excise and import duty structure for synthetic fibre to deal with the trend. It wants the excise duty to be lowered from the prevailing 13 percent to 4 - 5 per cent and the import duty from 28 percent to 2 - 3 percent.

Related Keywords: apparel production sector, Brazil, diversify exports from US, EU market, Free trade agreement, Gangwa, import apparel, MERCOSUR union, Russia, Tamil Nadu textil entrepreneur, Texpreneurs Forum, Transpacific Trade Pact, Union Minister of state for textile

A delegation of Tamil Nadu based textile entrepreneurs, led by Prabhu Damodaran, secretary of Texpreneurs Forum during their meeting with the Union Minister of State for Textiles S.K. Gangwar on Wednesday expressed the need to diversify the exports from United States and European Union market to sustain competitive in the apparel production sector.

The delegation also drew attention on the need for policy alterations to help expand exports of textile products to emerging market.

Related Keywords: corporate economic advisor, Indian textile sector, Ritesh Kumar Singh, SAFTA, Tamil Nadu textile entrepreneurs, Texpreneurs Forum, textile export front, trade pact, trade policy, WTO obligation

Advising Texpreneurs (a forum formed by Tamil Nadu based textile entrepreneurs) against seeking such sops from the Government, corporate economic advisor - Ritesh Kumar Singh said that a well-conceived trade pact can open up opportunities on the textile export front, but a badly negotiated free trade pact can lead to unintended consequences, referring o SAFTA (Agreement on South Asia Free Trade Area).